Dallas-Fort Worth leads the nation in job growth

Dallas-Fort Worth is leading the nation’s job growth for the year ended October, according to data released today by the U.S. Bureau of Labor Statistics. Houston is second. Dallas-Fort Worth’s annualized job growth rate was 3.1 percent. Houston’s was 2.9 percent. Both regions surpassed the national average growth of 1.7 percent. The data is for the nation’s 12 largest metropolitan areas, but metro areas drive total U.S. job growth.

All of the 11 major industry groups tracked by the BLS improved in the Dallas-Fort Worth area over the 12 months.The professional and business service companies added the most jobs in the Dallas area, adding 30,700 jobs since October 2012. Its 6.4 percent annualized growth rate was well above the U.S. rate of 3.5 percent.

Other industry-specific job changes for the Dallas-Fort Worth area for the 12 months through October are:

Trade, transportation and utilities: The region’s largest industry group added 20,200 jobs. Its 3.2 percent annualized growth rate was higher than the national average of 2 percent. Houston’s job growth in that area — also the largest employer there — was even greater, up 23,500 jobs or 4.3 percent.

Leisure and hospitality: That sector gained 11,600 jobs, with more than 80 percent of the increase from food services and drinking establishments. That 3.8 percent growth rate was higher than the nation’s 3.1 percent rate. Most of that growth came from the Fort Worth-Arlington area (a 5 percent growth rate). The Dallas-Plano-Irving area saw 3.3 percent annual job growth.

Financial services: The industry group added 10,600 jobs, up 4.3 percent vs. the national average of 1.2 percent. All of the growth occurred in the Dallas-Plano-Irving area.

Manufacturing: The industry added 2,200 jobs. Dallas-Fort Worth’s annual growth rate was 0.9 percent for the 12 months, compared with the national gain of 0.4 percent. The Fort Worth area added 5,300 jobs, but the Dallas-area lost 3,100 jobs. (12-5-13)